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October sales spike for Georgia homes over $200K

by Timothy Inklebarger

October sales spike for Georgia homes over $200K

The temperature was dropping, but Georgia’s housing market remained hot in October, according to the Georgia Association of Realtors’ October Housing Indicators Report.

Sales across the state were up 10% from a year ago, while inventory plummeted 40.5%.

Here’s a closer look at the numbers:

  • New listings up 1% to 16,163
  • Pending sales down 23% to 14,068
  • Closed sales up 21% to 14,476
  • Inventory down 41% to 25,956 units
  • Median sales price down 17% to $266,000
  • Average sales price up 19% to $320,970
  • Days on market down 19% to 43 days
  • Months’ supply of inventory down 45.9% to two months

The report also noted that there was a stark contrast between single-family home sales and condo sales, along with properties under $199,000. “Pending sales were down for all properties priced at $199,000 and below, but increased above the $200,000 price point,” the report noted.

  • $124,999 or less – down 11%
  • $125,000 – $199,999 – down 10%
  • $200,000 – $299,999 – up 20%
  • $300,000 and above – up 28%

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